The International Energy Agency (IEA) disclosed that it might release more oil from stocks to reduce its current high prices noting that it will set a plan to reduce oil usage as soon as possible, the IEA’s Executive Director Fatih Birol told Reuters.

Prices surged after Russia’s attack on Ukraine, provoking the West’s ban on Russian oil imports. Many of the industry’s major oil companies have announced their withdrawal from being involved with oil and gas activities in Russia.

Meanwhile, last week the IEA decided to release 60 million barrels of oil reserves to compensate for the supply disturbance created by the Russian-Ukrainian conflict.